MADRID, April 30 (Reuters) – Spain’s biggest international bank Santander (SAN.MC), opens new tab signalled higher profitability this year after reporting an 11% rise in first-quarter profit on Tuesday as growth in lending income in its home market in particular offset higher provisions.
The bank’s revenue rose 10% to a record high 15.38 billion euros ($16.46 billion), above the 15.06 billion analysts had expected.
The euro zone’s second-biggest bank by market value relied in the past on Latin America for revenue growth but has recently also benefited from higher European interest rates.
“It has been a very strong start to the year (…) supported by good growth in net interest income in Europe and the Americas,” Executive Chair Ana Botin said in a statement, adding the bank was “well on track” to meet its targets for the year, including a return on tangible equity (ROTE) of 16%.
Including the annualised negative impact of 335 million euros from the Spanish banking levy in Spain, the ROTE already stood at 16.2%, compared to a reported ROTE of 14.9% in the quarter.
Source: REUTER
